Open Banking is coming
A secure and easy way to share your data.
Now that’s Banking that’s good for you.

The Consumer Data Right (CDR) is legislation that the Federal Government has introduced to provide individuals and businesses with the ability to leverage their data to obtain new and better services with improved access to and rights over the data that businesses hold about them.

Open Banking is part of the CDR regime which the government intends to apply progressively to other industries apart from banking, including energy and telecommunications.

Under Open Banking Consumer Data refers to certain information held by an organisation (such as a bank) that relates to a customer and is covered by the Consumer Data Right (CDR) legislation. It includes, but is not limited to, contact information, the types of product(s) held by the consumer, account details, transaction history and loan repayment history.

Open Banking has already started in Australia and is being rolled out progressively across the banking sector. At this stage, the major banks (ANZ, Westpac, NAB and CBA – and including BOQ and BankWest) have been required to share Consumer Data with major banks launching phase 1 in July 2020. Smaller and mutual banks will launch via a phased approach in accordance with the Australian Competition and Consumer Commission (ACCC). Eventually all banks will be part of the open banking scheme.

Open Banking is being rolled out progressively across the banking industry. At this stage, Australian Unity Bank as a non-major bank is required to offer consumers the ability to access only generic information about certain products i.e. Product Reference Data by 1 October 2020.

From October 1, anyone will be able to access generic product information known as "product reference data" on Australian Unity Debit cards, Transaction and Deposit accounts and Credit cards will be available to share with third-party accredited data recipients.

Whether you are an existing  Australian Unity Bank customer or just making an enquiry about the products Australian Unity offers, from 1 October 2020 you will be able to access our specially dedicated  product API portal to find out all about our credit and debit cards, deposit accounts and transaction accounts  products (known as “Product Reference Data”).  This is phase 1 of Open Banking for non-major banks with the following stages to be rolled out progressively.

• From 1 February 2021- access generic product details about mortgages and personal loans (“Phase 2 products”)
• From 1 July 2021 – access generic product details for all remaining eligible products (“Phase 3 products”)
• From 1 July 2021 – Accredited Data Recipients are able to request Consumer Data (“Phase 1 + Phase 2 product related data”)
• From 1 Nov 2021 – Consumer Data (“Phases 1, 2, 3 product related data”) can be shared with eligible customers directly.

It is anticipated non major banks such as Australian Unity Bank will need to share specific customer related information from March 2021 and obtain specific customer related information once accredited by the ACCC.

Australian Unity is committed to your data security. Open Banking uses a number of security measures and controls to transmit personal banking data securely using standardised Application Programming Interfaces (APIs). Once Open Banking is fully operational any request to access your personal data must be initiated by you, the customer via the Australian Unity website, Internet Banking platform or Mobile Application.

In addition, all authorised data recipients who are providing services by Open Banking must comply with privacy and security requirements and be accredited by the Australian Consumer and Competition Commission (ACCC).

Product reference data includes information such as the interest rates and fees charged by banks as well as the features and eligibility criteria for banking products. It is generic and not specific to particular customers.

For Developers interested in using the Product API please access more information https://open-banking.australianunity.com.au/cds-au/v1/banking/products

The Australian Government has launched the official Consumer Data Right website where you can find out everything about the Consumer Data Right and how it works and how it  can assist you. The website includes a number of features:

• Educational videos for consumers and industry
• Comprehensive guidance and educational material, including case studies for consumers
• A public register of participating data holders and accredited data recipients, searchable by consumers
• Consumer complaint forms

https://www.cdr.gov.au/